Industrial cities to be developed as a part of the Delhi-Mumbai Industrial Corridor (DMIC) project are projected to attract huge investments of about $90-100 billion over the next 30 years.

“It is expected that the development of industrial cities with world-class infrastructure would involve an estimated investment of around $90-100 billion over the next 30 years,” Minister of State for Commerce and Industry D Purandeswari said in a written reply to the Rajya Sabha.

During the first phase of the Delhi-Mumbai Industrial Corridor (DMIC) project, the government has approved financial assistance of Rs 17,500 crore at an average of Rs 2,500 crore per city (subject to a ceiling of Rs 3,000 crore per city) for the development of seven industrial cities.

She also said the project would generate employment to about 2.8 crore people.

“The employment needed to create the estimated value of output as per perspective plan of DMIC is estimated to be 9.1 million in 2020, 17.5 million in 2030 and 28.7 million in 2040,” she added.

The minister said the process of land acquisition was in progress in the states of Haryana, Rajasthan, Madhya Pradesh, Gujarat and Maharashtra and master planning had started in Uttar Pradesh.

“The contribution of the state government will be in the form of land…the cities would be launched with the development of townships of 25-50 sq km which are envisaged to be completed by the end of 2019,” she said.